(WWJ) Does this mean the economy’s on the rebound? Revenue reports from the month of March have MGM Grand, MotorCity and Greektown making a combined $131 million — a 5 percent increase from the same time last year.
For the first quarter of the year, the casinos had a reported total revenue of $360 million.
MGM Grand had the lion’s share, followed by MotorCity and Greektown.
Overall in 2016, the three Detroit casinos’ revenue rose a slight 0.7 percent to $1.386 billion.
And it turns out Detroiters love their automated gambling machines more than games of chance: Slots contributed $1.13 billion, or 82 percent, of annual revenue, and table games brought in $256 million, or 18 percent.
Full-year revenue for MGM was up 1.7 percent to $592.1 million. MotorCity revenue rose 0.7 percent to $467.9 million. Greektown revenue, at $325.6 million, was 1.3 percent below 2015 totals.
For the year ending December 2016, the three Detroit casinos paid the state of Michigan $112.2 million in gaming taxes compared with $111.5 million in 2015, according to a state report. The casinos also reported paying $175.5 million in wagering taxes and development agreement payments to the city of Detroit during 2016.
Full-year market shares in 2016 were:
- MGM, 43 percent
- MotorCity, 34 percent
- Greektown, 23 percent
In the last month of the year, the casinos were facing a downward trend, with December 2016 revenue falling 6.8 percent below December 2015.
But they obviously rebounded in the new year.